A good rule of thumb for self-employed individuals is to figure 30% to go for taxes between federal, state and local taxes. However, there are many factors in this.
You can use the form W-4 and estimated taxes section in your TurboTax program to get a rough idea if you know how much you will be making or if you have a reasonable guess. To get there you will select Federal>>Other Tax Situations>>Other Tax Forms>>Form w-4 and estimated taxes.
If you do not really know, then below are some things to consider and some links for additional info.
First, your self-employment tax will be 15.3% on your profit. This is your Social Security and Medicare taxes. This number does not change.
Then you have your regular income tax. This will be dependent on your tax bracket. If your only income is from self-employment and you know how much you will be getting through the year, this is easier. If you do not know how much you will be making because you are starting a new business, it never hurts (tax wise) to over pay. If you overpay or pay the correct amount you will avoid any underpayment penalties.
If you are self-employed and your income will be unsteady, the best way to figure out your taxes are to use a software accounting system like QuickBooks self-employed. Each quarter, based on your income and expenses, it will tell you how much you owe for your federal return.
Then you have your state taxes. Every state handles taxes differently. Some like PA have a flat rate which makes it easy. No matter how much you make in PA, you will always pay 3.07% of your income for state taxes. If you are in a state that handles taxes like the federal government does, then you will need to figure out your tax rate based on your income in that state.
Local taxes also vary so you will need to check with your locality
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